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___ means that the economic party is the low cost producer of a good.
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Net gains from exchange to the consumer.
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Arnold Economics 30

Economics by Arnold Chapter 30

QuestionAnswer
___ means that the economic party is the low cost producer of a good. Comparative Advantage
Net gains from exchange to the consumer. Consumer Surplus
Net gains from exchange to the producer. Producer Surplus
Maximum price the buyer is willing to pay - the price the buyer actually pays. Consumer Surplus
The price the seller actually receives - the minimum price the seller is willing to accept. Producer Surplus
A ____ is tax on imports. Tariff
A ____ is a limit on the quantity of a good allowed to imported into a country. Quota
_____ is the sale of a good below its production cost or below its price in its country of origin. Dumping
Who in the domestic country losses from the imposition of an import tariff? Domestic consumers
Who in the domestic country gains from the imposition of an import tariff? Domestic sellers and the Domestic government (taxpayers)
True or False: An import tariff results in a net gain to the economy. False
Name of the international trade organization whose objective is to promote trade. World Trade Organization (WTO)
Created by: bscollier
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